Crypto Market Wrap: $16 Billion Dumped in a Day3

Another dump followed yesterday’s initial 60 minute crypto purge eight hours later. This has exacerbated daily losses and resulted in an outflow of $16 billion over 24 hours. Total crypto market cap is now just over $120 billion and further losses could be imminent.

Bitcoin led the downward charge once again when it bounced off resistance at $4,050 and plummeted back to $3,850 where it held for a while. The second wave sent BTC sliding back down to $3,650 resulting in an overall loss of 9.5% on the day. The $3,600 level is a key support zone and falling through this could spell bigger losses for Bitcoin.